Digital contract review
Improve compliance effectiveness and enhance operational efficiency in how businesses manage customer and vendor contracts through a combination of contract resources supported by experienced management, and customizable and pre-developed algorithms, within a globally consistent methodology.
What EY can do for you
A dramatic increase in global regulatory updates is pressing organizations to bring better control and efficiency to how they manage their customer and vendor contracts. To sufficiently respond to regulatory demands, organizations need to digitize their contracts so that key contract information can be searched, retrieved and analyzed at a moment’s notice.
Artificial intelligence (Al) technologies, such as machine learning, are very helpful in identifying and capturing important information — including terms, pricing, renewal dates and entities in contracts — and converting the information into structured data. But human review to assess the accuracy of data extraction is often necessary and cannot be undervalued. Achieving the optimal blend of people, process and technology will help organizations successfully transform their contract management programs in today’s digital era — and the EY organization can help.
Through data mining, AI and document analysis, the EY organization provides broad services to facilitate organizations’ contract digitization efforts. The EY organization approach focuses on using advanced AI technologies to achieve automation and efficiency. It also embeds human validation in EY workflows to validate data and complete abstraction — thus enhancing the precision and quality of EY products.
To achieve cost savings, EY teams deploy a scalable and contingent workforce of contract professionals who are centrally managed and coordinated by a seasoned leadership team. EY teams are mindful of the importance of interoperability with contract management systems. The work doesn’t stop at extracting required fields and clauses from unstructured data sources. EY teams collaborate with businesses and contract management teams to normalize the structured data output so it can be seamlessly imported into the contract management systems.
The EY framework has four stages.
Data ingestion and triage
- Use machine-learning technologies to increase analysis coverage from samples to the full population of contracts impacted
- Determine the level of automation for categorization based on the complexity of contracts and cost considerations
- Extract texts and metadata using customizable and pre‑developed algorithms
- Facilitate each algorithm’s iterative learning with human input
Calibration and review
- Perform in-depth human review with the assistance of technology to increase efficiency
- Leverage analytics and machine-learning technologies to extract key contract information
- Enhance the precision of algorithms through human validation
- Tailor workflows based on the organization’s unique operations and IT environments
- Develop contract clause library using the extracted data
Reporting and data export
- Produce interactive dashboards with actionable insights and management reports with regular status updates
- Generate structured data to be imported into contract management system
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